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RE: According to a new report, over half of all the coal plants in Europe operates at a loss. It’s time to move to renewable energy!
I guess fossil fuel well become more lucrative with all the increased demand from Bitcoin mining.
Ouch, yeah, it might be now that electricity prices are rising to meet the mining demand.
This is something I have wondered about!!! I think Iota will be the crypto winner in the long run as it doesn't require millions of computers humming away to keep it going! (as far as I understand!!!)
I don't really know anything about IOTA, but the same can be said for Steem. We technically only need 31 computers to run the blockchain, but of course a few more are needed in real-life. However, the 100 or so computers that run this blockchain is such a huge difference compared to all those who run Bitcoin or Ethereum.
Yes, I suppose to be accurate I should have said "all blockchain" cryptos, as they all essentially require a network of computers don't they?
Most of them. The ones that uses Proof-of-work such as Bitcoin and Ethereum require very many computres to mine in order to keep the network safe. Other blockchains such as Steemit uses 30 witnesses that need to "mine" the blockchain, and this witness-based blockchain uses a lot less electricity compared to the proof-of-work ones.
Aaaaahhhhhhh. Hmm, that explains for me a bit about the witnesses that I keep hearing about!
This article is interessant about the issue of Bitcoin and energy, with a new perspective https://www.bloomberg.com/view/articles/2017-12-07/bitcoin-is-greener-than-its-critics-think
That was a nice read. Thanks for sharing this. I had expected the electricity consumption to be high, so it was good to look at it compared to other things.